Break Out for Shares of Starbucks Corp (NASDAQ: SBUX) Says Market Timer Frank Kollar
May 13, 2010 (FinancialWire) (By Frank Kollar)
Yesterday we wrote that Starbucks Corp (NASDAQ: SBUX)
broke out to new highs back on April 22, and since that
date, with the exception of the two days affected by last
week’s mini-crash, have held above $26.00 a share.
We also wrote that if Starbucks could close decisively
above $27.42 it will be a new breakout. With strong support
at $26.00 and a potential breakout at $27.42, Starbucks
is a strong candidate for a bullish trade here with a stop
just below $26.00.
On Wednesday May 12, Starbucks made that breakout rising
well over 4% on heavy volume.
The new target for Starbucks is $32.95, the 78.6% retracement
for the bear market declines. Though it is a bit early
to look for, Starbucks may be headed for its old highs
at $40.00 a share over coming months.
The Fibtimer.com (http://www.fibtimer.com)
Stock Timing Strategy holds a position in Starbucks.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com)
which offers market timing strategies for S&P and
Nasdaq index fund traders, as well as bond, gold, small
cap, sector, ETF and stock trading strategies.
Kollar’s research has shown
that the financial markets are in tradable trends approximately
80 percent of the time. FibTimer strategies define trends
and trade them in both advancing and declining markets.
Caring nothing about what newscasters say or what the
latest economic indicator predicts, trends are where
the profits are, and that is where FibTimer is.
Go to previous Press
Releases & Trading Notes.
Note: These Press Releases are short term in nature. They may or may not reflect the same position as current subscriber reports which typically have longer time frames.
© Copyright 1996-2010, Market Timing Strategies, Inc., All Rights Reserved.
FibTimer reports may not be redistributed without permission. These Trading Notes however may be distributed without permission.
Disclaimer: The financial markets are risky. Investing is risky. Past performance
does not guarantee future performance. The foregoing has been prepared solely
for informational purposes and is not a solicitation, or an offer to buy or sell
any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
